Who is an entrepreneur?

Small business owners are also called entrepreneurs. One definition of an entrepreneur is someone who organizes, manages and assumes the risks of a business or enterprise. Other experts say an entrepreneur is a person who can “create out of nothing” a viable business.

successful entrepreneurs do everything possible to minimize the real risks associated with starting a company by studying, planning and organizing the information, people and materials they will need to succeed. They manage risk by setting reasonable and obtainable goals – then work to achieve them

Becoming an entrepreneur is a way of looking at the world, seeing opportunity where others see problems. It is also knowing how to use certain basic tools to achieve your goals.

Key to success in business. 

Despite what many think, starting a successful small business does not always require a lot of formal education or prior management experience. Certain basic skills will be needed, plus some background in the business being contemplated. Just as important as formal education is the willingness to learn and improve the skills needed to succeed in business. Entrepreneurs certainly like and respect money, but money is only a byproduct of an even bigger goal for many very successful entrepreneurs. If you want to be really successful, know what your dreams are before going into business.

How to start one’s own business. 

Starting a business involves planning, making key financial decisions and completing a series of legal activities. 

Step 1: Write a Business Plan 

Use these tools and resources to create a business plan. This written guide will help you map out how you will start and run your business successfully. 

Step 2: Get Business Assistance and Training 

Take advantage of free training and counseling services, from preparing a business plan and securing financing, to expanding or relocating a business 

Step 3: Choose a Business Location 

Get advice on how to select a customer-friendly location and comply with zoning laws. 

Step 4: Finance Your Business 

Find government backed loans, venture capital and research grants to help you get started 

Step 5: Determine the Legal Structure of Your Business 

Decide which form of ownership is best for you: sole proprietorship, partnership, Limited Liability Company (LLC), corporation, S corporation, nonprofit or cooperative. 

Step 6: Register a Business Name ("Doing Business As") 

Register your business name with your state government. 

Step 7: Get a Tax Identification Number 

Learn which tax identification number you'll need to obtain from the IRS and your state revenue agency. 

Step 8: Register for State and Local Taxes 

Register with your state to obtain a tax identification number, workers' compensation, unemployment and disability insurance. 

Step 9: Obtain Business Licenses and Permits 

Get a list of federal, state and local licenses and permits required for your business. 

Step 10: Understand Employer Responsibilities 

Learn the legal steps you need to take to hire employees.